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EMBARGOED UNTIL RELEASE AT 10:00 a.m. EST, Friday, January 16, 2026 Technical: Media: Rebecca Pocase Erin Whitaker Connie O’Connell 301-278-9082 301-278-9563 301-278-9003 BEA 26–03 Rebecca.Pocase@bea.gov Erin.Whitaker@bea.gov Connie.OConnell@bea.gov U.S. International Investment Position, 3rd Quarter 2025 The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$27.61 trillion at the end of the third quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis. Assets totaled $41.27 trillion, and liabilities were $68.89 trillion. At the end of the second quarter, the net investment position was –$26.16 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1. The –$1.46 trillion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$386.1 billion and net other changes in position, such as price and exchange-rate changes, of –$1.07 trillion (table 2). Price changes of –$1.06 trillion reflected U.S. stock price increases exceeding foreign stock price increases, which raised the market value of U.S. liabilities more than U.S. assets. Page 1 of 5 U.S. assets increased by $1.71 trillion to a total of $41.27 trillion at the end of the third quarter, driven by foreign stock price increases that raised the market value of portfolio investment and direct investment assets by $863.0 billion and by $609.4 billion, respectively (table 2). All major investment categories of assets other than financial derivatives increased in the third quarter. U.S. liabilities increased by $3.17 trillion to a total of $68.89 trillion at the end of the third quarter, driven by U.S. stock price increases that raised the market value of portfolio investment and direct investment liabilities by $1.39 trillion and by $1.20 trillion, respectively (table 2). Financial transactions of $797.8 billion that mostly reflected foreign purchases of U.S. equity and long-term debt securities also contributed to the overall increase in liabilities. All major investment categories of liabilities except financial derivatives increased in the third quarter. Table A. Updates to Second-Quarter 2025 International Investment Position Aggregates [Trillions of dollars, not seasonally adjusted] Preliminary estimates Revised estimates –26.14 –26.16 U.S. assets 39.56 39.56 U.S. liabilities 65.71 65.72 U.S. net international investment position U.S. Bureau of Economic Analysis Page 2 of 5 New Combined Release and Changes in the Presentation of Tables Beginning in March 2026, BEA will publish the quarterly U.S. international transactions and international investment position accounts in a single news release. This combined quarterly release will provide a broader view of U.S. participation in the global economy and will replace the publication of two separate releases issued on different days, accelerating the availability of international investment position statistics. In addition, as part of BEA’s ongoing modernization and streamlining of news release packages, the statistics currently published as tables within the releases will not be included in the body of the combined release. Instead, the release will include dynamic links to featured data available in BEA’s Interactive Data Application. This will reduce duplication, increase efficiency, and point data users directly to BEA’s most complete and flexible data tables via links in the release. These customizable tables include full time series and can be downloaded as PDFs, in Excel, or in CSV format. For resources, definitions, and more, visit “Additional Information.” Next release: March 25, 2026, at 8:30 a.m. EDT U.S. International Transactions and Investment Position, 4th Quarter and Year 2025 U.S. International Transactions and Investment Position Release Dates in 2026 4th Quarter and Year 2025 1st Quarter 2026 and Annual Update 2nd Quarter 2026 3rd Quarter 2026 March 25 June 24 September 24 December 18 News release tables Table 1. U.S. Net International Investment Position at the End of the Period Table 2. Change in the U.S. Net International Investment Position in 2025: Q3 Page 3 of 5 Page 4 of 5 January 16, 2026 Table 2. Change in the U.S. Net International Investment Position [Billions of dollars, not seasonally adjusted] Line End of quarter position, Type of investment 2025:Q2 1 U.S. net international investment position (line 4 less line 36) 2 Net international investment position excluding financial derivatives (line 5 less line 37) 3 3 Financial derivatives other than reserves, net (line 6 less line 38) 4 U.S. assets 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 6 Financial derivatives other than reserves, gross positive fair value (line 15) By functional category: 7 Direct investment at market value 8 Equity 9 Debt instruments 10 Portfolio investment 11 Equity and investment fund shares 12 Debt securities 13 Short term 14 Long term 15 Financial derivatives other than reserves, gross positive fair value 16 Over-the-counter contracts 17 Single-currency interest rate contracts 18 Foreign exchange contracts 19 Other contracts 20 Exchange-traded contracts 21 Other investment 22 Other equity 23 Currency and deposits 24 Loans 25 Insurance technical reserves 26 Trade credit and advances 27 Reserve assets 28 Monetary gold 29 Special drawing rights 30 Reserve position in the International Monetary Fund 31 Other reserve assets 32 Currency and deposits 33 Securities 34 Financial derivatives 35 Other claims 36 U.S. liabilities 37 Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 38 Financial derivatives other than reserves, gross negative fair value (line 51) By functional category: 39 Direct investment at market value 40 Equity 41 Debt instruments 42 Portfolio investment 43 Equity and investment fund shares 44 Debt securities 45 Short term 46 Treasury bills and certificates 47 Other short-term securities 48 Long term 49 Treasury bonds and notes 50 Other long-term securities 51 Financial derivatives other than reserves, gross negative fair value 52 Over-the-counter contracts 53 Single-currency interest rate contracts 54 Foreign exchange contracts 55 Other contracts 56 Exchange-traded contracts 57 Other investment 58 Other equity 59 Currency and deposits 60 Loans 61 Insurance technical reserves 62 Trade credit and advances 63 Special drawing rights allocations Change in position in 2025:Q3 Attributable to: Other changes in postion Total r -26,158.0 -26,156.9 -1.1 39,558.0 37,400.9 2,157.2 -1,456.0 -1,468.7 12.7 1,713.5 2,009.8 -296.3 Financial transactions -386.1 -370.1 -16.1 3 () 427.7 3 () 12,523.2 11,233.6 1,289.5 17,611.9 13,669.6 3,942.3 438.2 3,504.1 2,157.2 2,071.5 1,417.2 431.6 222.7 85.7 6,161.7 79.1 2,515.5 3,523.4 n.a. 43.7 1,104.1 859.7 174.8 30.3 39.3 22.1 17.1 ..... 0.0 65,716.0 63,557.7 2,158.3 704.3 661.7 42.6 950.9 899.6 51.4 -19.1 70.5 -296.3 -301.4 -204.6 -128.1 31.3 5.1 213.9 0.2 134.8 74.1 n.a. 4.8 140.6 140.6 -0.1 0.2 -0.1 6.3 -6.4 ..... 0.0 3,169.5 3,478.5 -309.0 18,596.5 16,752.3 1,844.1 35,272.8 19,855.3 15,417.5 1,649.7 1,415.3 234.4 13,767.8 7,688.8 6,079.0 2,158.3 2,076.9 1,391.0 453.1 232.9 81.4 9,688.5 n.a. 4,811.0 4,393.3 n.a. 326.3 157.8 1,306.7 1,274.4 32.3 1,983.9 1,599.7 384.2 27.9 0.4 27.4 356.3 144.3 212.0 -309.0 -313.2 -199.6 -149.0 35.4 4.2 187.9 n.a. 37.9 142.9 n.a. 7.5 -0.3 Total Exchange-rate Price changes changes 4 1 End of quarter position, Changes in volume and 2025:Q3 4 4 -1,069.8 -1,098.6 28.8 3 () 1,582.1 3 () () -1,059.2 4 () 3 () 1,625.9 3 () () -136.5 4 () 3 () -154.9 3 () () 97.1 4 () 3 () 111.1 3 () -27,614.0 -27,625.6 11.6 41,271.5 39,410.6 1,860.9 116.2 91.6 24.6 86.2 71.3 14.9 -18.6 33.5 (3) (3) (3) (3) (3) 3 () 224.4 0.2 139.7 79.7 n.a. 4.9 0.9 0.0 0.3 0.2 0.4 0.2 0.1 ..... 0.0 (3) 797.8 (3) 588.1 570.1 18.0 864.7 828.3 36.5 -0.5 37.0 (3) (3) (3) (3) (3) 3 () -10.5 (*) -4.9 -5.6 n.a. (*) 139.7 140.6 -0.4 -0.1 -0.5 6.1 -6.5 ..... 0.0 (3) 2,680.7 (3) 609.4 609.4 ….. 875.9 863.0 12.9 ….. 12.9 (3) (3) (3) (3) (3) 3 () 0.0 0.0 ….. ….. n.a. ….. 140.6 140.6 ….. ….. 0.0 ….. 0.0 ..... ….. (3) 2,685.2 (3) -43.7 -43.7 ….. -99.8 -89.5 -10.2 -0.5 -9.7 (3) (3) (3) (3) (3) 3 () -10.5 (*) -4.9 -5.6 n.a. (*) -0.9 ….. -0.4 -0.1 -0.5 -0.1 -0.4 ..... 0.0 (3) -18.5 (3) 22.5 4.5 18.0 88.6 54.8 33.8 0.0 33.8 (3) (3) (3) (3) (3) 3 () 0.0 0.0 0.0 0.0 n.a. 0.0 0.0 0.0 0.0 0.0 0.0 6.2 -6.2 ..... 0.0 (3) 14.0 (3) 13,227.5 11,895.4 1,332.1 18,562.8 14,569.2 3,993.6 419.0 3,574.6 1,860.9 1,770.1 1,212.6 303.5 254.0 90.8 6,375.6 79.3 2,650.3 3,597.5 n.a. 48.5 1,244.7 1,000.3 174.7 30.5 39.1 28.4 10.7 ..... 0.0 68,885.5 67,036.2 1,849.3 115.1 91.4 23.7 486.8 206.1 280.6 28.1 0.4 27.6 252.5 118.6 133.9 (3) (3) (3) (3) (3) (3) 195.9 n.a. 39.5 148.8 n.a. 7.5 0.0 1,191.6 1,183.0 8.6 1,497.1 1,393.5 103.6 -0.2 0.0 -0.2 103.8 25.6 78.1 (3) (3) (3) (3) (3) (3) -8.0 n.a. -1.7 -5.9 n.a. (*) -0.3 1,201.1 1,201.1 ….. 1,484.1 1,388.5 95.6 ….. ….. ….. 95.6 23.2 72.3 (3) (3) (3) (3) (3) (3) ….. n.a. ….. ….. n.a. ….. ….. ….. ….. ….. -10.5 ….. -10.5 -0.2 ….. -0.2 -10.3 ….. -10.3 (3) (3) (3) (3) (3) (3) -8.0 n.a. -1.7 -5.9 n.a. (*) -0.3 -9.5 -18.1 8.6 23.5 5.0 18.5 0.0 0.0 0.0 18.5 2.4 16.1 (3) (3) (3) (3) (3) (3) 0.0 n.a. 0.0 0.0 n.a. 0.0 0.0 19,903.2 18,026.8 1,876.4 37,256.7 21,455.0 15,801.7 1,677.6 1,415.8 261.8 14,124.1 7,833.1 6,291.0 1,849.3 1,763.7 1,191.4 304.1 268.2 85.6 9,876.4 n.a. 4,848.9 4,536.2 n.a. 333.8 157.5 p Preliminary r Revised ..... Not applicable n.a. Not available (*) Value between zero and +/- $50 million 0.0 T ransactions or other changes are possible but are zero for a given period. 1. Represents gains or losses on foreign-currency-denominated assets and liabilities due to their revaluation at current exchange rates. 2. Changes in volume and valuation n.i.e. (not included elsewhere) includes changes due to shifts in the composition of reporting panels and to the incorporation of more comprehensive survey results. Also includes capital gains and losses of direct investment affiliates and changes in positions that cannot be allocated to financial transactions, price changes, or exchange-rate changes. 3. Financial transactions and other changes in financial derivatives positions are available only on a net basis, which is shown on line 3; they are not separately available for gross positive fair values and gross negative fair values of financial derivatives. 4. Data are not separately available for price changes, exchange-rate changes, and changes in volume and valuation n.i.e. (not included elsewhere). Note. Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis Page 5 of 5 p valuation n.i.e. 2